OTR Tires Market Size to Reach USD 8068.4 Million by 2027 at a CAGR 4.5% | Valuates Reports
BANGALORE, India, April 20, 2021 /PRNewswire/ -- The Off the Road (OTR) Tires Market is segmented by Type (Radial Tire, Solid Tire), by Application (Loader, Crane, Concrete Machinery, Mining Machine). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports in the Vehicle Parts & Accessories Category.
The OTR Tires Market was valued at USD 5915.3 Million in 2020 and is projected to reach USD 8068.4 Million by 2027, at a CAGR of 4.5% during 2021-2027.
Major factors driving the growth of OTR Tires market size are:
- Increasing demand for agriculture tractors due to adoption of modern agriculture techniques.
- Increase in demand for construction & mining equipment due to increased infrastructural development in developing countries.
- The rise in average machine hours has increased the need to replace the tires.
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TRENDS INFLUENCING THE OTR TIRES MARKET SIZE
An increase in demand for agricultural tractors is expected to drive the growth of OTR Tires market size. Tractors have been an integral part of modern agriculture for a long time. Modern tractors are used for plowing, tilling, and planting fields in addition to routine lawn care, landscape maintenance, moving or spreading fertilizer, and clearing bushes.
The substantial increase in the mining industry and heavy machinery are expected to drive the growth of the OTR tire market size. The mining industry uses a lot of heavy vehicles which use OTR tires for their stability and endurance.
Technological advances, expanding distributor & dealership networks and rising adoption of radial tires are other factors that will positively affect the global OTR tire market.
A rise in average machine hours is also expected to fuel the OTR tire market size. The increase in average heavy load vehicle working hours will, in turn, increase the deterioration rate of the OTR tire, thereby increasing the need to replace the tire sooner.
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OTR MARKET SEGMENTS
Segment by Type
Segment by Application
- Loader
- Crane
- Concrete Machinery
- Mining Machine
- Others.
OTR MARKET SHARE ANALYSIS
Based on type, the radial tire is expected to hold a significant OTR tire market share during the forecast period. Advantages offered by radial tires such as reduced fuel consumption, less vibration, extended tire life, and flexible sidewalls are expected to increase its adoption.
Based on the region, the Asia Pacific region is expected to witness significant growth in the OTR tire market due to the rapidly developing economy that is propelling the construction activity in the region.
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By Region
North America
- US.
- Canada
Europe
- Germany
- France
- UK.
- Italy
- Russia
Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia
- Taiwan
- Indonesia
- Thailand
- Malaysia
- Philippines
Latin America
- Mexico
- Brazil
- Argentina
Middle East & Africa
- Turkey
- Saudi Arabia
- U.A.E
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Top Companies Covered in this report are:
- Michelin
- Bridgestone
- TITAN
- Goodyear
- Yokohama Tire
- BKT
- China National Tire & Rubber
- Continental Tire
- Guizhou Tyre Co., Ltd
- Double Coin Holdings
- Xingyuan Tires Group
- Apollo Tyre
- Sailun Tyre
- Triangle Tyre
- Shandong Linglong Tyre
- Fujian Haian Rubber
- JK Tyre
- Shandong Taishan Tyre.
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SIMILAR REPORTS
- Heavy-duty Vehicle Tires Market is segmented by Type Rim Diameter ≤29 Inch, 29 Inch＜Rim Diameter≤39 Inch, 39 Inch＜Rim Diameter≤49 Inch, Rim Diameter ＞49 Inch, by Application Heavy Duty Truck Tires, OTR Tires, Agricultural Tires and by various regions.
- Radial OTR Tires Market is segmented by Type Inner Tube, Tubeless, by Application Loader, Grader, Telescopic Handlers and by various regions.
- Solid Tire Market is segmented by Type Cured On Solid Tire, Pressed On Solid Tire, by Application Engineering Vehicles, Construction Machinery and by various regions.
- OTR Bias Tire Market is segmented by Type Rim Diameter ≤29 inch, 29 inch＜Rim Diameter≤39 inch, 39 inch＜Rim Diameter≤49 inch, Rim Diameter ＞49 inch, by Application Construction, Mining, Port, Agricultural and by various regions.
- Engineering Machinery Tire Market is segmented by Type Bias Tire, Radial Tire, by Application Heavy Dump Truck, Grader, Loader, Crane and by various regions.
- Tire Vulcanizer Market is segmented by Type Mechanical vulcanizer, Hydraulic vulcanizer, by Application Car Tire, OTR Tire and by various regions.
- Tire Mold Market is segmented by Type Segmented Molds, Two-Piece Molds, by Application PCR, TBR, OTR and by various regions.
- Cross Ply OTR Tires Industry is segmented by Type Inner Tube, Tubeless, by Application Loader, Grader, TelescopIc Handlers and by various regions.
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